If you're going to give up valuable lounge space to a gadget then you want it to deliver, and SysMaster's Tornado M10 Digital Media Center looks like it offers a fair range of features for a box only six inches long. The spec list is a veritable pic'n'mix of acronyms: IPTV, VoIP, IM, PVR... and then you add in things like voicemail, a webcam for video conferencing, email and media streaming.
Running embedded Linux, the M10 is well punctured with connectivity:
In addition you can add WiFi, an interface for plugging in USB flash drives and RJ-11 phone jacks. Plug in an external hard-drive and you can record TV directly for use as a PVR; alternatively stream audio and video in a variety of formats from your network or online.
Interested in home automation? The M10's USB port is apparently compatible with the popular X10 mains-wiring based automation standard. Available now, the MRSP is $170 or $200 with WiFi.